Gold up, but weighed by concerns on China's growth

TOKYO, Apr 20 (Reuters) Gold rebounded on Friday following sharp falls the previous day on lower oil prices and concerns that China might increase interest rates to cool its economy.

-- As of 0050 GMT, cash gold was trading at $684.70/685.20 an ounce, up from $681.70/682.20 late in New York the previous day.

-- On Thursday, gold briefly touched a fresh 11-month high of $691.50 but profit taking drove it down to as low as $678.70 -- the lowest since April 13.

-- Selling pressure increased due to falls in energy prices and concerns over China.

-- China said on Thursday that its economy grew at a blistering 11.1 percent annual pace in the first quarter on the back of booming investment and exports, fueling speculation that interest rates would need to rise again soon.

-- But technicals remained bullish for gold after confirming solid support below $680 the previous day. Many traders still hoped the market would challenge the important chart level of $700 in the near term.

-- A firmer Tokyo Commodity Exchange gold futures also assisted the rally of spot gold on Friday.

-- Benchmark TOCOM gold for February 2008 delivery was trading at 2,636 yen a gram, up 13 yen or 0.5 percent from Thursday's close.

-- Platinum was bullish, holding near a five-month high on news of another planned launch of platinum exchange-traded funds.

-- London-based ETF Securities said it will launch physically backed ETFs based on platinum, palladium, gold and silver on the London Stock Exchange. [ID:nL19132005] -- This plan followed Zurich Cantonal Bank's earlier announcement that it planned to launch ETFs in platinum, palladium and silver by May 10.

-- Platinum rose to $1,299/1,304 an ounce from $1,295/1,299 in New York. On Thursday, it touched $1,300 -- the highest since Nov. 21 when it reached a record high of $1,395.

-- Palladium was little changed at $375.00/380.00 an ounce from $375.50/379.50 on Thursday.

-- Silver rose to $13.74/13.77 an ounce from $13.65/13.69 late in New York.

Reuters SBA VP0655